Weekly Cryptocurrency Market Analysis: Altcoins Risk Deeper Correction as Cryptos Face Further Decline

Altcoins are falling due to a strong rejection at higher price levels. Most of this resistance was created during the downward impulse on December 4. Altcoins fell massively as bulls bought the dips.

CoinIdol, a world blockchain news outlet, has compiled a list of cryptocurrencies that have shown the weakest performance over the past 7 days.

Immutable X

Immutable X (IMX) is in a downtrend. The cryptocurrency's short uptrend was rejected at the $10 resistance zone. The market is declining after reaching the high of $9.50. If the market falls, the bullish gains from November will likely be wiped out.

Meanwhile, a downward candlestick tested the 50% Fibonacci retracement level on November 26. The retracement suggests that IMX will fall to the 2.0 Fibonacci extension level or the $3.17 price level. Based on price action, the market will retest the Fibonacci extension if price falls below support at $4.50. Immutable X was the biggest loser last week. Below are some of its characteristics:

Price: $5.49

Market capitalization: $10,974,807,427

Trading volume: $70,652,911 

7-day loss: 32.64%

WAX

WAX (WAXP) is in an uptrend. WAX price bars are above the moving averages, indicating a possible upward movement in the cryptocurrency. The cryptocurrency is trading at $0.48 at the time of writing. Meanwhile, the uptrend from November 15 has a candlestick body testing the 38.2% Fibonacci retracement level. The retracement suggests that WAXP will rise to the 2.618 Fibonacci extension level or the $2.29 price level. The WAX is the second biggest loser of the past week. The cryptocurrency has the following characteristics:

Price: $0.4865

Market capitalization: $1,878,552,371

Trading volume: $121,560,377 

7-day loss: 30.41%

THORChain

THORChain (RUNE) has been in a downtrend since November 2. Sellers broke below the moving averages as the altcoin came under renewed selling pressure. The cryptocurrency could fall further if support at $6.50 is breached. Meanwhile, a candlestick tested the 61.8% Fibonacci retracement level on November 18. The retracement suggests that RUNE will fall to the 1,618 Fibonacci Extension level, or $3.53. The cryptocurrency seems to be the third biggest loser of the past week. It has the following characteristics:

Price: $7.82

Market capitalization: $3,908,243,242

Trading volume: $77,623,680 

7-day loss: 30.10%

Qtum

Qtum (QTUM) is in a sideways trend below the $18 high. The cryptocurrency is in an uptrend to retest resistance at $18. Buyers have tested the resistance several times but have been rejected.

Over the past month, the altcoin has fluctuated between $12 and $18 to break through resistance. A break above the resistance level will catapult the crypto to its previous high of $30. The altcoin is the fourth biggest loser of the past week. The cryptocurrency has the following characteristics:

Price: $11.30

Market capitalization: $1,218,393,497

Trading volume: $474,796,367 

7-day loss: 30.26%

Kadena

Kadena (KDA) is in an uptrend. The uptrend was completed at a high of $25.95. The altcoin has pulled back above the moving averages, indicating further upside for the cryptocurrency. Meanwhile, a candlestick tested the 38.2% Fibonacci retracement level on November 8. The retracement suggests that KDA will rise to the 2.618 Fibonacci Extension level or $71.71. The altcoin has the following characteristics:

Price: $11.81

Market capitalization: $11,808,451,543

Trading volume: $74,726,889 

7-day loss: 28.30%

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.